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  • HDFC Car Loan Eligibility Calculator is Rated as "Excellent!" by 7543 Users

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    HDFC Car Loan Eligibility Calculator

    An Overview about HDFC Car Loan

    HDFC has attractive car loan offers for new and used cars. It has appealing interest rates, easy repayment tenures and large loan amounts. Customers can avail of three different car loans to suit their needs. You can avail of a loan for:

    • New Car
    • Pre-Owned Car
    • Loan Against Car

    HDFC offers car loans that finance 100% of your cost to purchase the car. Repay the loan over 7 years. You can check if you are eligible for a car loan in a minute and be approved of one in half an hour. Enjoy fixed interest rates and stability of your EMI every month. HDFC aims at making the process fast and hassle-free for their customers. With low down payments, competitive pricing, transparency and deals offered to customers, this car loan stands out as one of the best offers. HDFC ensures that there are no hidden charges in the loan process which makes customers happy with the clarity of the loan amount and applicable fees.

    HDFC also has tie ups with a number of authorised pre-owned car dealers to provide loans to customers seeking used cars. Get fast approvals and doorstep service with this loan. The car should not be older than 7 years for private use, and 6 years for commercial use.
    And even if you don’t have income documents to present, the bank has a car loan that makes it even more easier for you. The HDFC Loan Against Car Loan gives you an interest rate lower than 2% on a personal loan. You can get a maximum loan amount based on the value of the car.

    HDFC Car Loan Eligibility

    The HDFC car loan is offered to salaried individuals as well as self-employed businessmen. Your eligibility for a car loan is based on a number of factors such as your age, income and whether the bank can be sure you are capable of repaying the loan. You are also required to submit documentation that can support your identity, age, address and income claims.

    Apply for Car Loan Online

    New cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,80,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    2 years in business

    Rs. 60,000 for standard cars.

     

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Partnership Firms

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Private Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Public Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

     

    Pre-owned cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    25 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Public Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

    Loan against car

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    65 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

     

    HDFC Car Loan Documentation required

    In order to complete the eligibility process, you need to submit documentation to prove your identity, age, address and income. The following are the documents you will need.

    • ID proof -
      • For salaried individuals and businessmen: Any official document that can be used to identify yourself such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card.
      • For Partnerships: Partnership deed
      • Private Limited Companies: Memorandum and Articles of Association / Certificate of incorporation
    • Age proof - Any official document that can be used to verify your age will suffice such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card, employer certificate or ID, School or College leaving certificate.
    • Address proof - You are required to prove your place of residence through a ration card, driver’s licence, Passport, telephone bill, electricity bill, credit card statement with a copy of your credit card, or an employer’s certificate.
    • Signature proof - The bank also needs to verify your signature as it appears on your passport, driver’s license, credit card statement, banker’s verification, copy of margin money paid to the bank.
    • Income proof
      • For salaried employees, you need to present your latest salary slip with the latest Form 16/ Latest Income tax returns. You can submit the HDFC bank corporate salary account statement for the last 3 months for salaries above Rs. 8,000.
      • For businessmen, you need the latest/previous year’s Income tax returns with the advance tax paid challan or the latest IT assessment order.
      • For Partnership,Private and Public Limited Companies, you need the latest ITR and balance sheet along with Profit and Loss account.
    • In case you are transferring your loan, you need to submit the foreclosure statement from the previous bank.
    • The repayment schedule for 9 months for personal vehicle, and for 12 months for commercial vehicles.

    Factors Affecting HDFC Car Loan Eligibility

    Your HDFC Car Loan Eligibility can be affected by a number of factors. A few have been listed below.

    CIBIL score - CIBIL score is your credit score assigned by the Credit Information Bureau Limited. A high credit score could make your loan process easy and smooth. A low credit score could prove difficult to secure a loan.

    Age - You can get a loan only when you reach the age of 21 years. The maximum age poses a greater obstacle. You must finish the repayment period by the age of 65 years. This is where age can affect your eligibility.
    Income - The loan amount you are seeking to purchase your car may not always be the same as what you are eligible for. Your loan amount depends greatly on how much income you can show. If you end up being short on the eligible income scale, you can add on your immediate family member’s income to compensate the difference.

    Debt - Any debt you already have might affect your eligibility. Your debt-to-income ratio is a very important factor while taking out a major loan. If you already have another loan, or credit card debt, this could significantly reduce your eligible loan amount or total eligibility.

    How CIBIL Score affects HDFC Car Loan Eligibility

    Your CIBIL score is determined by the Credit Information Bureau (India) Limited which has come to play a very crucial role in India’s Financial System. CIBIL collects and stores all information related to your credit history like credit cards, loans, payments, defaults, spending patterns, and so on. A number of things could negatively affect your score like defaulting on your EMIs or minimum due payments. A lower score reduces the amount of loan you are eligible for. In extremely bad situations, you might not be eligible for a loan at all. You will need to build your score back through a long process. So it is important when you take credit from banks and financial institutions to pay your dues on time and play by the rules to ensure a good credit score for when you need it again.

    How to Increase your HDFC Car Loan Eligibility

    If you find yourself not eligible for the loan amount you are looking for, there are ways to change that.

    Pay off other debts - You will need to repay other loans and credit cards in order to increase the amount of loan you might get. Never take a personal loan right when you plan to take a big car loan or home loan in the near future. This could affect your debt-to-income ratio, and this will significantly reduce your loan amount.

    Co-applicants - You can include the income of your spouse, father, mother, son, daughter, brother and sister to increase your eligibility. They will be brought on as co-applicants of the loan even if the car is not in their name.

    Increase your credit score - Find ways to bring your credit score up. You could spend more on your credit card and pay it back ahead of time. CIBIL scores are tricky because even closing a credit card can put a ding in your score simply because your available credit limit is significantly reduced. So do your research and find ways to improve your score.

    HDFC Bank Car Loan Eligibility Calculators

    HDFC Bank offers a quick and easy eligibility calculator on its website. Simply enter your details to find out if you are eligible for a loan. You can also view the exact total cost and EMI of your car loan. You can then decide whether the loan is suitable for you and apply online. Get special discounted rates of interest when you apply for a loan online.

    You can also check your eligibility on BankBazaar.com. Enter your details and view the results of the loans you are eligible for. You can read further about the HDFC Car Loan offered and apply online directly through BankBazaar.com.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with HDFC bank, the loan amount was sufficient and the rate of interest was nominal when compared to all other banks. This was a used car loan with the tenure period of 3 years. Customer service was good with HDFC bank and their response was on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan from HDFC bank and the approved loan amount was 4.99 lakhs. The rate of interest was 8% flat. I have taken the tenure of 4 years.They have charges for paper work around 2500. And 19000 for GPS. They have forced me to take the GPS and a loan insurance of 3500.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 5.40 lakhs. The rate of interest was 8.75%. First it was 8.25% and since the financial year got changed the interest got changed to 8.75%. The monthly emi is 11658 for tenure of 5 years .There was a processing fee of 4000.
      Was this review helpful? 0
      , kochi
      Reviewed on May 18, 2018
    • HDFC Bank Car Loan
      "Approachable for car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 8 lakhs. The rate of interest was 9%. The monthly emi is 16750 for tenure of 5 years.There was a processing fee. They have taken a loan insurance of 6000 which was not mentioned and was taken from my loan amount.
      Was this review helpful? 0
      , silvassa
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan , Easy approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 5 lakhs. The rate of interest was 9%. The monthly emi is 8100 for tenure of 7 years.There was a processing fee of 1500 and the loan got approved within 3 days. Easy procedure.
      Was this review helpful? 0
      , pathanamthitta
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 4.20 lakhs. The rate of interest was 9%. The monthly emi is 13300 for tenure of 3 years.There was a processing fee of 8000. Got the approval on time and there was no difficulty.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 4.68 lakhs. The rate of interest was13%. I have not done any negotiation with the bank. The monthly emi is 9560 for tenure of 5 years. The processing fee was 1500.It was an easy documentation process. The executives were very supportive.
      Was this review helpful? 0
      , surat
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The response part was quick and fast from the HDFC bank . They were about to approve the car loan , but I have denied it , due to some personal reason, other than that the car loan service was quite good from the HDFC bank. The car loan interest rates need to be reduced and they need approve it as per the customers requirement.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "Fast approval"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was6.8 lakhs. The rate of interest was 9%. The monthly emi is 14250 for tenure of 5 years.There was a processing fee of 4000. Got the approval within 4 days. Happy with their service as well.
      Was this review helpful? 0
      , patna
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      " Approachable for car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 3.73 lakhs. The rate of interest was 8.9%. The monthly emi is 7750 for tenure of 5 years.It was an easy documentation process. The executives were very supportive.
      Was this review helpful? 0
      , dehradun
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "Poor Follo up from the bank"
      0.5 1.0/5 "Really Bad"
      I applied for the Car Loan from HDFC bank online . The loan amount was 1.5 lakhs and the whole applications process was easy. There were no calls from bank, the loan was closed. The bank did not follow up regularly which was the main reason for cancellation of the loan.
      Was this review helpful? 0
      , srinagar
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 10.20 lakhs. The rate of interest was 9%. The monthly emi is 18000 for tenure of72 months.There was no processing fee with them.The documentation part was good.Good response as well.
      Was this review helpful? 0
      , roorkee
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "Fast approval from HDFC"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 5.85 lakhs. The rate of interest was 9%. The monthly emi is 12200 for tenure of 5 years.There was processing fee of 3500.The documentation part was good.Good response as well.
      Was this review helpful? 0
      , thrissur
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 9 lakhs. The rate of interest was 9.05%.The monthly emi is 18705 for tenure of 5 years.There was processing fee. The documentation process was good. I got the loan on time.
      Was this review helpful? 0
      , chandrapur
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "Fast approval"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan from HDFC bank and the approved loan amount was 7.06 lakhs. The rate of interest was 9%. The monthly emi is 14000 for tenure of 5 years.There was processing fee of 4000. Fast approval From HDFC bank end.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "Easy documentation with HDFC"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 4 lakhs. The rate of interest was 9%. he monthly emi is 12860 for tenure of 3 years.There was processing fee of 3200. Fast approval and the documentation was easy for the car loan.
      Was this review helpful? 0
      , chandigarh
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "Good response"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 4.6 lakhs. The rate of interest was 9%. I have negotiated with the bank to reduce the rate of interest but there was no change.The monthly emi is 14500 for tenure of 3 years.There was processing fee.
      Was this review helpful? 0
      , vellore
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 3 lakhs. The rate of interest was 9%. The monthly emi is 12402 for tenure of 36 months.The processing fee was around 4000 and the approval was on time. Documentation done well.
      Was this review helpful? 0
      , pune
      Reviewed on May 13, 2018
    • HDFC Bank Car Loan
      "HDFC bank car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 3 lakhs. The rate of interest was 9.5%. The monthly emi is 6200 for tenure of 5 years.The processing fee was around 3000 and the approval was on time. Totally satisfied with HDFC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 13, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 3 lakhs. The rate of interest was 9%. Earlier it was 9.25% and reduced to 9% later.The monthly emi is 6593 for tenure of 5 years.The processing fee was 3500 for the approved loan amount.
      Was this review helpful? 0
      , srinagar
      Reviewed on May 13, 2018
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